“With Pay for Success, state and local leaders will be empowered to fund initiatives that deliver real results for their communities and schools. Rather than being limited by what federal bureaucrats at the Department of Education think best, funding should be more connected to local innovation and successful outcomes. I’m pleased the Senate has voted to approve my amendment, which builds on tremendous success leaders have already seen in my home state of Utah.”

What’s Pay for Success?

It’s telling that Hatch’s short statement is full of buzz works like “empowered”, “local innovation”, and “successful outcomes”, but really doesn’t explain what Pay for Success means or more importantly, how it works.

I think this is deliberate.

Pay for Success is an upbeat re-branding of social impact bonds or SIBs.